May 25, 2018, 3:40 am
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.07022 UAE Dirham
1 Philippine Peso = 2.04971 Albanian Lek
1 Philippine Peso = 0.03427 Neth Antilles Guilder
1 Philippine Peso = 0.46553 Argentine Peso
1 Philippine Peso = 0.02521 Australian Dollar
1 Philippine Peso = 0.03403 Aruba Florin
1 Philippine Peso = 0.03824 Barbados Dollar
1 Philippine Peso = 1.6174 Bangladesh Taka
1 Philippine Peso = 0.0318 Bulgarian Lev
1 Philippine Peso = 0.00722 Bahraini Dinar
1 Philippine Peso = 33.47954 Burundi Franc
1 Philippine Peso = 0.01912 Bermuda Dollar
1 Philippine Peso = 0.02536 Brunei Dollar
1 Philippine Peso = 0.13117 Bolivian Boliviano
1 Philippine Peso = 0.07028 Brazilian Real
1 Philippine Peso = 0.01912 Bahamian Dollar
1 Philippine Peso = 1.30067 Bhutan Ngultrum
1 Philippine Peso = 0.19226 Botswana Pula
1 Philippine Peso = 382.79159 Belarus Ruble
1 Philippine Peso = 0.0382 Belize Dollar
1 Philippine Peso = 0.02445 Canadian Dollar
1 Philippine Peso = 0.01907 Swiss Franc
1 Philippine Peso = 12.17151 Chilean Peso
1 Philippine Peso = 0.12202 Chinese Yuan
1 Philippine Peso = 54.9522 Colombian Peso
1 Philippine Peso = 10.70612 Costa Rica Colon
1 Philippine Peso = 0.01912 Cuban Peso
1 Philippine Peso = 1.78834 Cape Verde Escudo
1 Philippine Peso = 0.41644 Czech Koruna
1 Philippine Peso = 3.3891 Djibouti Franc
1 Philippine Peso = 0.12076 Danish Krone
1 Philippine Peso = 0.94646 Dominican Peso
1 Philippine Peso = 2.21398 Algerian Dinar
1 Philippine Peso = 0.25367 Estonian Kroon
1 Philippine Peso = 0.34149 Egyptian Pound
1 Philippine Peso = 0.52008 Ethiopian Birr
1 Philippine Peso = 0.01621 Euro
1 Philippine Peso = 0.03927 Fiji Dollar
1 Philippine Peso = 0.01423 Falkland Islands Pound
1 Philippine Peso = 0.01423 British Pound
1 Philippine Peso = 0.08859 Ghanaian Cedi
1 Philippine Peso = 0.89503 Gambian Dalasi
1 Philippine Peso = 172.06501 Guinea Franc
1 Philippine Peso = 0.14027 Guatemala Quetzal
1 Philippine Peso = 3.93289 Guyana Dollar
1 Philippine Peso = 0.15004 Hong Kong Dollar
1 Philippine Peso = 0.45428 Honduras Lempira
1 Philippine Peso = 0.11999 Croatian Kuna
1 Philippine Peso = 1.19751 Haiti Gourde
1 Philippine Peso = 5.1499 Hungarian Forint
1 Philippine Peso = 271.08987 Indonesian Rupiah
1 Philippine Peso = 0.06827 Israeli Shekel
1 Philippine Peso = 1.30228 Indian Rupee
1 Philippine Peso = 22.63862 Iraqi Dinar
1 Philippine Peso = 804.0153 Iran Rial
1 Philippine Peso = 1.99809 Iceland Krona
1 Philippine Peso = 2.38145 Jamaican Dollar
1 Philippine Peso = 0.0135 Jordanian Dinar
1 Philippine Peso = 2.12293 Japanese Yen
1 Philippine Peso = 1.91587 Kenyan Shilling
1 Philippine Peso = 1.30863 Kyrgyzstan Som
1 Philippine Peso = 77.2065 Cambodia Riel
1 Philippine Peso = 7.91109 Comoros Franc
1 Philippine Peso = 17.20841 North Korean Won
1 Philippine Peso = 20.57725 Korean Won
1 Philippine Peso = 0.00577 Kuwaiti Dinar
1 Philippine Peso = 0.01568 Cayman Islands Dollar
1 Philippine Peso = 6.29369 Kazakhstan Tenge
1 Philippine Peso = 159.08222 Lao Kip
1 Philippine Peso = 28.77629 Lebanese Pound
1 Philippine Peso = 3.0153 Sri Lanka Rupee
1 Philippine Peso = 2.55793 Liberian Dollar
1 Philippine Peso = 0.24207 Lesotho Loti
1 Philippine Peso = 0.05829 Lithuanian Lita
1 Philippine Peso = 0.01187 Latvian Lat
1 Philippine Peso = 0.02595 Libyan Dinar
1 Philippine Peso = 0.18017 Moroccan Dirham
1 Philippine Peso = 0.31807 Moldovan Leu
1 Philippine Peso = 0.99293 Macedonian Denar
1 Philippine Peso = 25.85086 Myanmar Kyat
1 Philippine Peso = 45.83174 Mongolian Tugrik
1 Philippine Peso = 0.15455 Macau Pataca
1 Philippine Peso = 6.76864 Mauritania Ougulya
1 Philippine Peso = 0.65679 Mauritius Rupee
1 Philippine Peso = 0.29771 Maldives Rufiyaa
1 Philippine Peso = 13.64149 Malawi Kwacha
1 Philippine Peso = 0.37878 Mexican Peso
1 Philippine Peso = 0.07606 Malaysian Ringgit
1 Philippine Peso = 0.24208 Namibian Dollar
1 Philippine Peso = 6.88337 Nigerian Naira
1 Philippine Peso = 0.59598 Nicaragua Cordoba
1 Philippine Peso = 0.15388 Norwegian Krone
1 Philippine Peso = 2.08185 Nepalese Rupee
1 Philippine Peso = 0.02752 New Zealand Dollar
1 Philippine Peso = 0.00735 Omani Rial
1 Philippine Peso = 0.01912 Panama Balboa
1 Philippine Peso = 0.0627 Peruvian Nuevo Sol
1 Philippine Peso = 0.06117 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.20841 Pakistani Rupee
1 Philippine Peso = 0.06955 Polish Zloty
1 Philippine Peso = 107.60994 Paraguayan Guarani
1 Philippine Peso = 0.06959 Qatar Rial
1 Philippine Peso = 0.07495 Romanian New Leu
1 Philippine Peso = 1.17737 Russian Rouble
1 Philippine Peso = 16.18375 Rwanda Franc
1 Philippine Peso = 0.0717 Saudi Arabian Riyal
1 Philippine Peso = 0.15039 Solomon Islands Dollar
1 Philippine Peso = 0.26023 Seychelles Rupee
1 Philippine Peso = 0.34331 Sudanese Pound
1 Philippine Peso = 0.16581 Swedish Krona
1 Philippine Peso = 0.02562 Singapore Dollar
1 Philippine Peso = 0.01424 St Helena Pound
1 Philippine Peso = 0.42459 Slovak Koruna
1 Philippine Peso = 149.13958 Sierra Leone Leone
1 Philippine Peso = 10.7457 Somali Shilling
1 Philippine Peso = 397.36138 Sao Tome Dobra
1 Philippine Peso = 0.1673 El Salvador Colon
1 Philippine Peso = 9.84665 Syrian Pound
1 Philippine Peso = 0.24215 Swaziland Lilageni
1 Philippine Peso = 0.61434 Thai Baht
1 Philippine Peso = 0.04906 Tunisian Dinar
1 Philippine Peso = 0.04426 Tongan paʻanga
1 Philippine Peso = 0.08746 Turkish Lira
1 Philippine Peso = 0.12714 Trinidad Tobago Dollar
1 Philippine Peso = 0.57119 Taiwan Dollar
1 Philippine Peso = 43.51816 Tanzanian Shilling
1 Philippine Peso = 0.49847 Ukraine Hryvnia
1 Philippine Peso = 71.12811 Ugandan Shilling
1 Philippine Peso = 0.01912 United States Dollar
1 Philippine Peso = 0.59981 Uruguayan New Peso
1 Philippine Peso = 152.58126 Uzbekistan Sum
1 Philippine Peso = 1501.96941 Venezuelan Bolivar
1 Philippine Peso = 435.35373 Vietnam Dong
1 Philippine Peso = 2.08088 Vanuatu Vatu
1 Philippine Peso = 0.0494 Samoa Tala
1 Philippine Peso = 10.62849 CFA Franc (BEAC)
1 Philippine Peso = 0.05163 East Caribbean Dollar
1 Philippine Peso = 10.62849 CFA Franc (BCEAO)
1 Philippine Peso = 1.92218 Pacific Franc
1 Philippine Peso = 4.7782 Yemen Riyal
1 Philippine Peso = 0.24216 South African Rand
1 Philippine Peso = 99.22562 Zambian Kwacha
1 Philippine Peso = 6.91969 Zimbabwe dollar

Focus on building up reserve, PH told

By RUELLE  CASTRO and PAUL ICAMINA

Victor Abola, University of Asia and the Pacific economist, said the Philippines needs to focus on shoring up its dwindling gross international (GIR) in order to stem a potential crisis in the economy.

Abola,  however, allayed  fears of an impending crash amid concerns of rising inflation that could drag the economy down, citing a number of indicators that show  the Philippines remains within the comfortable levels of economic activity except on the ratio of money flow to that of foreign currency reserve.

“The Bangko Sentral ng Pilipinas (BSP) should temper the peso’s rise when it goes up,” said Abola as he noted that the ratio of money flow M2 in relation to the GIR now stands at 2.5:1 “close” to the threshold of 2.57 that indicates the economy is close to overheating. 

The M2/GIR relationship however is just one of five indicators that tell a sign of economic overheating, together with short-term debt to GIR ratio; deviation of trend in the real dollar-peso exchange rate and that of the real dollar-yen exchange rate; and the current account balance to gross domestic investment ratio.

For now, only the M2/GIR is showing signs. 

More indicators showing such sign however indicates greater likelihood of an economic crisis, said Abola.

“The Philippines can tolerate a 20 centavo annual depreciation in the peso,” said Abola in justifying a revitalized buying of dollars by the BSP, as he noted that a peso depreciation of 10 percent annually contributes a minimal 0.5 percent in inflation in a given year. 

According to Abola, buying dollar will help the Philippines shore up its dollar reserve  which as of February was recorded at $80.61 billion, down from $81.22 billion the month before, and is enough to cover 8.2 months worth of import bill. 

The import bill coverage, however, is a huge departure from the past coverage of 18 months. Abola noted a 6 to 9 months import bill coverage “is the new norm” in GIR despite global “standards” of three months.

Dr. Raul Fabella of the University of the Philippines School of Economics meanwhile said efforts to reduce poverty and ramp up infrastructure must be accelerated in order to make the most of the Philippines’ fast economic growth. 

Fabella concedes that the country’s growth rate is high, and that manufacturing is growing faster than services. These are signs of going in the right direction, he said in an interview.                

However, poverty is still “very high” and infrastructure remains “very poor,” two indicators that the growth rate is “not sustainable,” he observed.
                
“For growth to continue for years, for decades if possible, we must do something about poverty and infrastructure,” said Fabella, a National Scientist recognized for pioneering work on novel analytic constructs useful for problems in economics.
                
“Manufacturing is the engine of growth and should be sustainable,” he said. “To make it sustainable, we must address infrastructure which is still not tip top while poverty must go down.”
                
Two of 10 or 21.6 percent of Filipinos were still below the poverty line in 2015. It missed one of the Millennium Development Goals which is to bring it down to 17 percent that year.
                
Fabella pointed out that for six years under Aquino and one year under Duterte, the economy is going in the right direction. However, he said, “these are episodes of healthy growth that cannot be sustained.”
                
The Philippine economy has a history of boom-and-bust, he told a regional scientific meeting here of the National Academy of Science and Technology (NAST), Department of Science and Technology. “An unsustainable industrialization path is one where episodes of rapid growth or boom are followed by episodes of rapid decline or bust.”
                
He said growth should be sustained for at least a decade, even two decades, for the economic miracle to emerge. “With manufacturing, we will have a shot,” he said. He cautioned there are many things to factor for the miracle to happen, including proper governance and peace and order.
                
“Countries whose manufacturing grow faster than services tend to have better income distribution and faster poverty reduction,” said Fabella who chairs NAST’s Social Sciences Division. “Countries on a rapid growth path have better income distribution.”
                
He said the Philippines continues to grow rapidly but cautioned that the economy is still problematic.
                
“To do better, we need to industrialize,” he said, but the current situation is akin to   development progeria when services grow faster than manufacturing in a low-income economy. He defined progeria as a rare genetic condition that causes a child’s body to age faster than the actual age.
                
The economy remains domestic and market-oriented and consumption-led, said Fabella.
                
From 1986 to 1996, industry and manufacturing lost to services which gained very rapidly. It was the same with Germany and the United States during the same period, but these countries are rich.

“The Philippines is like Germany and the U.S. despite it being a low-income country,” Fabella said. “Meaning we’re are poor and yet we have to keep up with the Joneses. By our behaviour, it seems we are rich.”
                
The fact is that the Philippine economy is consumption-lead and not investment-lead, Fabella pointed out, adding that exports should be high and the economy should be outward-looking.
                
Indonesia and Thailand – where industry and manufacturing gained while services lost – have left the Philippines behind, he said.
Category: 
Rating: 
Average: 5 (1 vote)

Column of the Day

Summer ‘Kampf’

Bernard Karganilla's picture
By BERNARD KARGANILLA | May 24,2018
‘Prepare for peace, learn a new skill, prepare for war, enjoy a new hobby: join a summer camp. Life is a struggle (Kampf).’

Opinion of the Day

Passive smoking is more deadly

Philip S. Chua's picture
By PHILIP S. CHUA | May 24, 2018
‘Parents, especially pregnant mothers, should not smoke, but if they have to, they should do it outside the home, and away from people.’